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Anthony Marinaccio is one of the Top Loan Experts in America. With such a high success rate, it’s quite simple to see how he rose to become the SVP of a company which funded over 37 Billion Dollars in 2019. 

Since Covid-19 has become a sensitive topic for homebuyers, we asked Marinnacio to chime in and help guide us with expert tips on navigating through rough seas. 

Here’s what this Financial wizard had to say:

Keep your eyes on every detail

Please pay attention to the details of the property you want to secure the loan for and ensure that the price is in tandem with its actual value. If this is not the case, then negotiate to your advantage. 

I advise you, don’t get too emotionally attached to a property until you are satisfied with the price you are paying. There is much volatility during the Covid-19 lockdown, so you might get a pretty good deal now, considering the economic effect of the lockdown in the real estate market.

Obligation between you and your bank

Banks will look at your finances to make sure you aren’t making poor financial decisions, your job history, credit, etc. 

As much as banks will make their findings on you, you also should be willing to go the extra mile to understand the process of obtaining a home loan. Get the document requirements and ensure you do it in person. Taking these crucial steps will go a long way in improving your chances of securing the cash. 

Keep your slate clean and shiny (get your financial records in order)

You should have the integrity to pay up loans. Your past results are the only way you can prove this. This is why your credit score comes in, but no matter how great your credit is, you can/should only request a loan that you can pay back with ease. 

Some professionals can suggest figures for you by merely going over your financial statement. Depending on which country you live, the government may look to inject financial relief into the economy to keep it pumping after the Covid-19 pandemic. 

Make your hay before the sun shines (start early)

Another principle which you can take advantage of is; Start Early! It is imperative and cannot be over-emphasized. Securing an ordinary loan takes time since banks are not Ol’ Saint Nicholas, joyously waiting to hand out presents to you. Securing loans can take time so starting early is key.

Get necessary documents that show agents you are serious

Start the process casually and itemize the documents needed by the banks. If you look good on paper, you can flow with the requirements as you take scheduled drive-bys to your desired neighborhood where you’ll be moving to once the deal is done. Get pre-approved for your new home prior to seeing a home, that way you truly know what is within your budget. 

Have you heard about compound interest?

As you approach the defining part of getting a home loan, the bank will present the terms they will offer to you. You need 110% of attention for this part. Take note of the interest and how long it will take you to service this debt based on your income. 

The home market is very competitive. You may have to sit at the edge of your seat if you want to get a good deal in locations that have experienced population increase. More properties will be listed on the real estate market by the time the curve flattens, and the economy fully opens up. 

Different factors will cause this, among them, is the rising number of deaths around the globe. Also, businesses that have adapted to working from home are likely to give up office space to save costs.

This is an excellent option for someone coming into the real estate to secure a home loan, since you’ll have access to diverse options that fit into your budget. It also means you won’t overshoot your demand at the money table because of emotions and other feeble pressure. 

Remember, you’ll be in your new home for quite a long time, so take your time and make sure everything is in place financially.